Market Close September 16th, 2020

It is with sad tidings that I report to you tonight. Unfortunately we were stopped out of SCO, the ETF that represents oil declining.

Let’s take a look at the chart and then the details…

SCO

We were triggered into a trade based on our rules. The difference was we made use of the exception and got in when the blue was still below the green. The exception being that the ROC is above 0.

I am hereby cancelling that exception.

The high that you see was set at $19.64. Our trailing stop was placed at $3.02 under the purchase price. Consequently the stop was anchored at $16.62, which was triggered today for a loss.

We purchased at $17.27. Our loss is as follows:

$17.27 – $16.62 = .65 X 800 shares = (-$520).

The loss adjusts our portfolio down to: $142, 397.10

That was painful, but you can see how the trailing stop took out some of the sting.

And as you know, if the symbol we are looking at is starting to look like a short sell, we look at the inverse, which in this case is UCO. This is the ETF that mimics oil rising. There is no trade there. We will look at it in the Round-Up if nothing changes there in tomorrow’s session.

If you have any questions, please drop me a line at: charlesgoddard2020@gmail.com.

That’s it from me.

TTFN,

Charles

Leave a comment

Leave a Reply

%d bloggers like this: